L1 Vocabulary – Global Trading and Globalization

1. Use the terms below to complete the paragraph

free trade / protectionism / tariffs / customs duties / quotas / imports / exports / exchange rates

The WTO was set up in 1995 to encourage free trade in the global marketplace. It is therefore
designed to resist …..................................... No new barriers to trade can be set up, and
governments cannot set new …................................. or …..................................... or increase ones
that already exist as these are really taxes that prevent …............................... . Similarly the WTO
opposes the use of ….................................. since these limit the amount of …................................
coming into a country. This may protect a country's industry in the short term, but if its trading
partners reply with similar measures, then ….................................. will suffer. The WHO governs
trade in many products and raw materials but the world of finance is largely outside of its scope,
therefore it has no control over …...................................

2. Match each of the terms on the left with a term on the right that has the same meaning

an enterprise a worldwide market

a global market the marketplace
a multinational a business
the market a global enterprise

3. Use the terms below to complete the paragraph

deregulation / liberalized / globalization / global economy / multinational

The tendency of companies to sell their products into many foreign markets, or …...........................
has led to the development of a global marketplace. In recent times markets in Eastern Europe have
joined the …..................................... . Since the governments of these countries …............................
their laws relating to foreign trade many …............................... companies have set up operations
there to take advantage of the opportunity to enter such a huge new market. The process of ….........
…............................... has made trade with Eastern Europe easier.

Grammar

4. Confusing words from students' copies. Choose the correct word.

1. She works for an ( advertisement / advertising ) agency.

2. How will the increase increase in the interest rates ( affect/effect ) your sales ?
3. My bank manager has agreed to ( borrow / lend ) me another $2.000.
4. We've had to ( cancel / postpone ) the meeting until next Monday.
5. These machines are ( controlled / inspected ) at least once a day.
6. Before coming here, I studied ( economics / economy ) at university.
7. I am ( interested / interesting in their new camera.
8. She applied for a ( job / work ) as a personnel officer.
9. Some emplyees have a long ( journey / travel ) to work every day.
10. The cost of ( life / living ) has gone up again.
11. We expect prices to ( raise / rise ) by at least five cents.
12. Can you ( say / tell ) the difference between these two products ?
 13. The company is extremely ( sensible / sensitive ) to any criticism.

5. Modal verbs (pages 38 to 44)

Correct these sentences with frequent mistakes students make.

1. I don't can sing.

2. I would like to can travel more.
3. He should to work harder.
4. Could you telling me the time ?
5. I must work last Saturday and Sunday.

Choose the best form (Sometimes both may be possible)

1. We …................. win, but I don't think there's much chance. (may, might)
2. I …................. ask you to help me later. (may, might)
3. That …............. be her daughter – they're nearly the same age. (can't, mustn't)
4. I don't know why she's not here. She …..................... have got my message. (may not, can't)
5. I …............ pick it up tonight, if that's convenient. (can, can't)
6. I …............ stop smoking. (must, have to)
7. I ….............stop smoking – doctor's orders. (must, have to)
8. It took a long time, but I ….............. repair the car. ( could, managed to)
9. She …............. very quietly – I didn't hear her go. (had to leave, must have left)
10. I think you …................ try to relax more. (must, should)